Rivian Automotive (NASDAQ:RIVN) Earns "Sell (D-)" Rating from Weiss Ratings

Rivian Automotive (NASDAQ:RIVN - Get Free Report)'s stock had its "sell (d-)" rating reissued by equities research analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Several other research analysts have also issued reports on RIVN. Cfra Research raised shares of Rivian Automotive to a "moderate sell" rating in a research note on Thursday, October 2nd. Guggenheim lowered shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Morgan Stanley reduced their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. UBS Group lifted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Monday. Finally, Wedbush reduced their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and an average price target of $13.90.

Rivian Automotive Stock Down 1.0%

Shares of NASDAQ RIVN opened at $13.13 on Wednesday. The firm has a market capitalization of $15.93 billion, a PE ratio of -4.07 and a beta of 1.82. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive has a 1 year low of $9.50 and a 1 year high of $17.15. The firm's 50-day moving average is $13.48 and its 200-day moving average is $13.41.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the business posted ($1.46) EPS. Equities analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the sale, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,147 shares of company stock worth $577,593 over the last 90 days. Corporate insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Norges Bank acquired a new stake in shares of Rivian Automotive in the second quarter valued at approximately $105,629,000. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 7.8% in the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after purchasing an additional 5,610,688 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Rivian Automotive in the first quarter valued at approximately $33,582,000. AQR Capital Management LLC raised its holdings in shares of Rivian Automotive by 496.6% in the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker's stock valued at $31,490,000 after purchasing an additional 1,918,852 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC raised its holdings in shares of Rivian Automotive by 1,353.6% in the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker's stock valued at $28,281,000 after purchasing an additional 1,916,686 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.

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